Better than Vegas odds!
Laughlin casino owner warned on accounting
The state Gaming Commission gave final approval Thursday to a Southern California man to reopen the Regency Casino in Laughlin but warned him to adhere to Nevada's strict accounting regulations.(PRWEB) April 26, 2004--The state Gaming Commission gave final approval Thursday to a Southern California man to reopen the Regency Casino in Laughlin but warned him to adhere to Nevada's strict accounting regulations.
Commission Chairman Peter Bernhard told Christopher A. Crawford he found a "tremendous deficiency" in the bookkeeping of Crawford's real estate investment firm. He said state investigators found "sloppy and non-existent registers" in the business.
Crawford told the commission the gaming agents found only one account with problems. He said other accounts were "squeaky clean."
Crawford is investing about $2.8 million in the Regency, and this will be his first venture into Nevada gaming. He said he will be at the casino four to five days a week for the next several months, which will be a "learning curve." He said his casino manager, George Yuill, will serve as his mentor.
The license will expire in November 2005 unless renewed. The casino will have 75 slot machines and 66 employees. Crawford told the commission that as soon as the money starts coming in, he intends to replace old slots with new units. Bernhard said there was evidence of mishandling of money in the California real estate business and cautioned Crawford he did not want to see any problems in accounting at the casino in the next state report.
Crawford replied, "I won't disappoint you."
Bernhard also questioned Crawford about amended income tax returns he was planning to file for the early to mid-1990s. Crawford said he is due a refund but the Internal Revenue Service has indicated it won't accept these amended returns.
The commission also approved the application of Fidelity Management 7 Research Company and two affiliated companies, Fidelity Management Trust Company and Fidelity International Limited, to waive the requirement that they go through licensing to hold stock in 31 publicly traded gaming companies in Nevada.
Attorney David Arrajj, representing Fidelity, said it has been granted an "institutional investor waiver since 1993" and this was a renewal.
Bernhard said he hoped Fidelity would continue to see Nevada as a good place to invest. Arrajj said Fidelity has a "continuing interest in investments in Nevada." The company has $1.8 trillion in investment holdings.
The commission also approved a license for Sandra Placak, a former agent for the state Gaming Control Board, to be secretary and a director of Universal Distributing of Nevada, based in Las Vegas.
Also approved was thee business and cautioned Crawford he did not want to see any problems in accounting at the casino in the next state report.
Also approved was the application of Golden Route Operations to place 15 slot machines in the South Strip Transfer Terminal of the Regional Transportation Commission in Las Vegas. A company operated by Kathleen Ann Morris operates a convenience store and cafe in the terminal and leases space from the transportation commission. She will sublease some of that space to Golden Route for the slot machines. The commission allowed Morris and the transportation commission to receive a percentage of the slot win.
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